Kovitz Investment Group Partners LLC Lowers Position in ConocoPhillips (NYSE:COP)

Kovitz Investment Group Partners LLC lessened its stake in ConocoPhillips (NYSE:COP) by 67.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,530 shares of the energy producer’s stock after selling 34,832 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in ConocoPhillips were worth $543,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Greenwood Capital Associates LLC purchased a new stake in ConocoPhillips in the second quarter worth about $308,000. Nuveen Asset Management LLC lifted its stake in ConocoPhillips by 0.4% in the second quarter. Nuveen Asset Management LLC now owns 8,820,664 shares of the energy producer’s stock worth $370,644,000 after acquiring an additional 31,946 shares during the period. Avantax Advisory Services Inc. lifted its stake in ConocoPhillips by 7.6% in the second quarter. Avantax Advisory Services Inc. now owns 82,069 shares of the energy producer’s stock worth $3,447,000 after acquiring an additional 5,779 shares during the period. New Mexico Educational Retirement Board lifted its stake in ConocoPhillips by 18.1% in the third quarter. New Mexico Educational Retirement Board now owns 87,156 shares of the energy producer’s stock worth $4,966,000 after acquiring an additional 13,350 shares during the period. Finally, Yacktman Asset Management LP lifted its stake in ConocoPhillips by 8.6% in the third quarter. Yacktman Asset Management LP now owns 1,513,367 shares of the energy producer’s stock worth $49,699,000 after acquiring an additional 120,438 shares during the period. 63.10% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently weighed in on COP. ValuEngine raised shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Monday, November 16th. Wells Fargo & Company reissued a “buy” rating on shares of ConocoPhillips in a research report on Tuesday, September 15th. Truist raised shares of ConocoPhillips to a “buy” rating and increased their price target for the company from $51.00 to $52.00 in a research report on Friday, October 9th. Bank of America raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and increased their price target for the company from $28.62 to $44.00 in a research report on Monday, November 2nd. Finally, Credit Suisse Group assumed coverage on shares of ConocoPhillips in a research report on Tuesday, August 4th. They set a “buy” rating and a $52.00 price target for the company. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $54.46.

Shares of NYSE COP opened at $39.65 on Friday. The stock has a market capitalization of $42.53 billion, a price-to-earnings ratio of -35.09 and a beta of 1.70. ConocoPhillips has a 12 month low of $20.84 and a 12 month high of $67.13. The firm’s 50 day simple moving average is $33.07 and its 200-day simple moving average is $38.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.38 and a quick ratio of 2.16.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 29th. The energy producer reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.01). ConocoPhillips had a negative return on equity of 0.02% and a negative net margin of 5.66%. During the same quarter last year, the firm posted $0.82 EPS. Analysts anticipate that ConocoPhillips will post -0.89 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, October 19th will be paid a dividend of $0.43 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, October 16th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 4.34%. ConocoPhillips’s dividend payout ratio (DPR) is presently 47.91%.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations.

Further Reading: Forex

Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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